Data: Bureau of Economic Analysis The U.S. economy grew at a 2.1% annualized rate in the second quarter. =It’s a significant slowdown from the first quarter’s 3.1% growth rate, but still better than the 1.9% economists had expected. Once again, strong consumer spending offset the sharp decline in business investment and trade’s drag on growth. … Read moreU.S. GDP growth slows to 2.1% in the 2nd quarter
We now have the entire US Treasury curve below the Fed overnight rate. We had the same warning ahead of the Great Financial Crisis, the tech bust, the Asian crisis, the S&L crisis, and the 1980’s double dip recessions. The only false signal was 1986.
The Federal Reserve kept interest rates on hold on Wednesday (June 19), but signaled that rate cuts could be coming down the road. It removed the key word “patient” from its policy statement, while noting that “uncertainties” about its previously rosy economic outlook have increased. This marks a significant shift in tone for the central … Read moreFed opens the door to potential rate cuts later this year
The New York Fed’s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years. The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday. That’s a record decline. Economists … Read moreEmpire State manufacturing index posts largest-ever drop into negative territory in June
KPMG Chief Economist Constance Hunter along with CNBC’s Rick Santelli, Mike Santoli and Steve Liesman, on May’s retail sales numbers.
